Think you have the next great business idea; better test it out.
Ryan Holmes is the founder and CEO of Hootsuite, a platform that helps you manage your social media accounts. He says when getting the company off the ground he had to make his case for money numerous times. Now as an angel investor he is the one asking the questions.
He says there are three boxes you need to check in order to have the best chance at getting your big idea off the ground. First is talent. You need to be an entrepreneur who is focusing on nothing but the business and has a solid team to fall back on. Next up is the technology. An idea is not going to go far if you don’t have the tech to support it. Holmes suggests having one person dedicated to this aspect of the company while the CEO handles day to day operations.
Finally you need some traction, which means a solid plan to get customers interested and to encourage people to start using your product. Even the best ideas need a little direction.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
